SunEdison Secures $146 Million Funding For Solar Power Project In Honduras

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2014 has been a good year for solar power in Honduras. Work on more than 200 MW of capacity has been initiated this year in the Central American country.

SunEdison recently announced that it closed debt financing for 82 MW of solar power capacity in Honduras. The financing deal was led by the International Finance Corporation (IFC), which will contribute almost $86 million to the project. The Central American Bank for Economic Integration (CABEI) and the OPEC Fund for International Development (OFID) will provide $45 million and $15 million, respectively, to the project.

The 82 MW of solar power will be commissioned as three separate power plants, with the largest having an installed capacity of 35 MW. SunEdison expects that all three projects will be commissioned by the second half of 2015. The power generated from the power plants will be supplied to ENEE — the state-owned electricity generation, transmission, and distribution company — under a 20-year power purchase agreement.

A part of the debt financing will come from the Clean Technology Fund, a funding window of the Climate Investment Funds. The Clean Technology Fund has provided debt financing to several large-scale solar power projects in 15 countries and the MENA region. The Fund has so far approved $3.9 billion in financing to 70 renewable energy projects with a total capacity of 16.6 GW.

As per the information available at Wiki Solar, one solar power project is under construction in Honduras while two other projects are in the planning phase. The project under construction is owned by Energia Basica and will have an installed capacity of 24 MW when completed in 2015.

US-based Upower signed power purchased agreements for 100 MW of solar power capacity with ENEE earlier this year. The projects will be set up as two 50 MW facilities.

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Mridul Chadha

Mridul currently works as Head-News & Data at Climate Connect Limited, a market research and analytics firm in the renewable energy and carbon markets domain. He earned his Master’s in Technology degree from The Energy & Resources Institute in Renewable Energy Engineering and Management. He also has a bachelor’s degree in Environmental Engineering. Mridul has a keen interest in renewable energy sector in India and emerging carbon markets like China and Australia.

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